Schenectady

Potential GE Steam Power sale rumored; Schenectady operations not part of unit

The massive Building 273 is the main manufacturing plant at General Electric's Schenectady-Rotterdam campus.
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The massive Building 273 is the main manufacturing plant at General Electric's Schenectady-Rotterdam campus.

SCHENECTADY — Rumors have surfaced in the financial world about the potential sale of General Electric’s Steam Power business.

GE typically does not comment on market rumors and speculation, a spokesman said, and declined to comment on this latest report, as well.

Any sale of the Steam Power business would not directly affect GE’s sprawling campus at the foot of Erie Boulevard in Schenectady.

Steam turbines are manufactured there, but that work is part of the Gas Power business — they are used in combined-cycle gas-fired plants.

Steam turbines and components built for the Steam Power business are used in nuclear and coal-fired facilities.

GE Power is one of four component businesses of General Electric, along with Aviation, Healthcare and Renewable Energy. GE Power until a few years ago was headquartered in Schenectady, birthplace of General Electric itself. In late 2018 it was divided into two units: Gas Power and Power Portfolio.

Power Portfolio includes the Steam Power, Nuclear and Power Conversion businesses.

Nasdaq, Reuters and others in late August reported GE and EDF — Electricite de France, a multinational electric utility — were negotiating a deal for Steam Power.

Bloomberg News and others in January 2020 reported GE was testing the market for a potential sale of Steam Power but hadn’t committed to a sale.

Categories: Business, News

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